QXO, Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
QXO$13.73-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025(1) | 2024 | ||
| Operating Activities | |||
| Net (loss) income | $(279.4) | $28.0 | |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| Depreciation | 108.4 | 0.2 | |
| Amortization | 314.7 | 0.9 | |
| Stock-based compensation | 144.5 | 34.4 | |
| Amortization of debt issuance costs | 6.7 | — | |
| Loss on debt extinguishment | 49.7 | — | |
| Provision for credit losses | 13.8 | — | |
| Non-cash lease expense | 88.0 | 0.3 | |
| Deferred income taxes | (60.6) | (1.1) | |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 159.8 | 0.2 | |
| Inventories | 287.8 | — | |
| Vendor rebates receivable | (186.8) | — | |
| Income tax receivable | (11.0) | — | |
| Prepaid expenses and other current assets | 19.9 | (12.2) | |
| Accounts payable and accrued expenses | (326.4) | 34.4 | |
| Other assets and liabilities | (67.7) | (0.3) | |
| Net cash provided by operating activities | 261.4 | 84.8 | |
| Investing Activities | |||
| Capital expenditures | (78.2) | (0.1) | |
| Acquisition of business, net of cash acquired | (10,556.5) | — | |
| Other | 4.4 | — | |
| Net cash used in investing activities | (10,630.3) | (0.1) | |
| Financing Activities | |||
| Borrowings under revolving lines of credit | 841.9 | — | |
| Payments under revolving lines of credit | (842.0) | — | |
| Borrowings under term loan | 2,250.0 | — | |
| Payments under term loan | (1,400.0) | — | |
| Borrowings under senior notes | 2,250.0 | — | |
| Payment of debt issuance costs | (114.5) | — | |
| Payment of other debt | — | (1.7) | |
| Payments under equipment financing facilities and finance leases | (30.3) | (0.2) | |
| Proceeds from issuance of common stock related to equity awards | 18.9 | — | |
| Proceeds from issuance of common stock, net of issuance costs | 4,256.0 | — | |
| Proceeds from issuance of Mandatory Convertible Preferred Stock, net of issuance costs | 558.1 | — | |
| Proceeds from issuance of Convertible Preferred Stock and warrants, net of issuance costs | — | 981.6 | |
| Proceeds from the issuance of common stock and pre-funded warrants, net of issuance costs | — | 4,051.1 | |
| Payment of taxes related to net share settlement of equity awards | (20.5) | — | |
| Payment of common-stock dividend | — | (17.4) | |
| Payment of dividends on Convertible Preferred Stock | (90.0) | (32.3) | |
| Payment of dividends on Mandatory Convertible Preferred Stock | (14.8) | — | |
| Net cash provided by financing activities | 7,662.8 | 4,981.1 | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.5) | — | |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (2,706.6) | 5,065.8 | |
| Cash, cash equivalents and restricted cash, beginning of period | 5,072.0 | 6.2 | |
| Cash, cash equivalents and restricted cash, end of period | $2,365.4 | $5,072.0 | |
| Supplemental Cash Flow Information | |||
| Cash paid during the period for: | |||
| Interest | $138.0 | $0.1 | |
| Income taxes, net of refunds | $38.2 | $— | |
| (1) Results include Beacon’s operations from the date of acquisition on April 29, 2025 through December 31, 2025. | |||
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